Sky-Mobi Files for Nasdaq IPO
SEC, 11/19/10
Hangzhou-based mobile software platform developer Sky-Mobi has filed its IPO prospectus with the U.S. Securities and Exchanges Commission (SEC) to list ADSs on the Nasdaq Global Market under the ticker symbol "MOBI." The listing is being underwritten by Citi, Piper Jaffray, Oppenheimer, and Rodman & Renshaw.
Sky-Mobi's revenues increased by 40.2% to RMB 336.7 mln in the six-month period ended September 30, 2010 from RMB 240.1 mln in the six-month period ended September 30, 2009. Total revenue for the fiscal year ended March 31, 2010 was RMB 544.26 mln, up 162.6% YoY. Total revenue for the fiscal year ended March 31, 2009 was RMB 207.24 mln, up 1,014.5% YoY from RMB 18.59 mln for the fiscal year ended March 31, 2008.
Sky-Mobi recorded losses of RMB 10.6 mln, RMB 113.5 mln, RMB 229.8 mln, RMB 92.0 mln and RMB 53.6 mln in the fiscal years ended March 31, 2008, 2009 and 2010 and the six-month periods ended September 30, 2009 and 2010, respectively.
Total revenue from application store revenue for the six-month period ended September 30, 2010 was RMB 312.79 mln, up 39.8% YoY compared to RMB 223.67 mln. Application store revenue rose 162.7% YoY for the fiscal year ended March 31, 2010 to RMB 515.77 mln. Application store revenue in fiscal year 2009 rose 1,226.5% YoY to RMB 196.31 mln from RMB 14.79 mln in the fiscal year ended March 31, 2008.
Other revenues fell 73.6% YoY from RMB 16.47 mln to RMB 4.34 mln in the six-month period ended September 30, 2010. Other revenues for the fiscal year ended March 31, 2010 rose 127.9% YoY to RMB 24.91 mln. Other revenues for the fiscal year ended March 31, 2009 rose 188.1% YoY to RMB 10.93 mln, up from RMB 3.79 mln in the fiscal year ended March 31, 2008.
Revenue from sales of Maopao Community's virtual currency ("K Currency") was RMB 3.58 mln in the fiscal year ended March 31, 2010. Revenue from sales of K Currency in the six-month period ended September 30, 2010 was RMB 19.55 mln.
From January 1, 2007 to September 30, 2010, Sky-Mobi's Maopao app store had approximately 479 mln cumulative users, and almost 200 mln of them are active users. Over the same period, Maopao offered over 770 applications and over 61,000 content titles, and the cumulative number of downloads reached 3.6 bln. There were approximately 32.3 mln, 379.6 mln and 1,613.9 mln downloads of applications and content titles from Maopao in the fiscal years ended March 31, 2008, 2009 and 2010, respectively, and approximately 559.2 mln and 1,554.6 mln in the six-month periods ended September 30, 2009 and 2010, respectively. User visits reached 3.32 bln in the quarter ended September 30, 2010, with 799.5 mln downloads.
Sky-Mobi's Maopao Community mobile SNS platform allows registered members to create virtual profiles, befriend others, and view the profiles or track the status of their friends through blogs, pictures, instant messages and other functions. As of September 30, 2010, Maopao Community attracted 44.6 mln registered members and reached approximately 233,000 peak concurrent users. Active users reached 9.4 mln in the quarter ended September 30, 2010, with user logins reaching 622.5 mln. Maopao Community offers its own virtual currency, K Currency, for users to purchase virtual items in social network applications and mobile social games.
Sequoia Capital China holds a 28.1% stake in Sky-Mobi following a USD 3.5 mln investment in August 2007, followed by additional investments in June 2009 and July 2010.
To view Sky-Mobi's complete SEC filing, please click here.
Editor's Note: CEO Michael Song (Song Tao) earlier denied plans for a Nasdaq listing by the end of the year. For more information, please see "Sky-Mobi Denies Overseas Listing Rumor," MD 5/31/10 issue.
Keywords: MOBI mobile gaming mobile application mobile data loss IPO revenue wireless overseas listing virtual items virtual currency mobile SNS active users app store Sequoia Capital Sky-Mobi Song Tao PCU
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